MeiraGTx Holdings PLC
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Health Care : Biotechnology | Small Cap Growth
Company profile

MeiraGTx Holdings plc is a clinical-stage gene therapy company. The Company develops gene therapy treatments for a range of inherited and acquired disorders. It is focused on developing therapies for ocular diseases, including rare inherited blindness, as well as Xerostomia, radiation treatment for head and neck cancers and neurodegenerative diseases, such as amyothrophic lateral sclerosis (ALS). It is also developing transformative technology to enable the use of small molecules to turn gene therapy product candidates on and off. It is focused on three areas of unmet medical needs, including inherited retinal diseases, severe forms of xerostomia and neurodegenerative diseases. Its product candidates include AAV-CNGB3, AAV-CNGA3, AAV-RPGR, AAV-RPE65, AAV-AQP1 and AAV-UPF1.


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Meme traders see red as heavily-shorted stocks grow scarcer and old names fall

6:39 pm ET September 29, 2021 (MarketWatch)

Thornton McEnery

Investors trading meme stocks spent Wednesday looking at a lot of red.

The unofficial meme-stock index took a uniform pounding on Wednesday, with major names down significantly, and even a meme rotation into clean-energy names looked to slow down as retail investors found themselves playing an uneventful game of Whack-a-Mole trying to find heavily-shorted stocks to play for squeezes.

But while the trading was ugly, retail investors took a macro thrill in signs that legal waters are getting choppy for their old frenemy Robinhood (HOOD).

Ur-memes like GameStop (GME), AMC Entertainment (AMC), Blackberry (BB.T) and Koss (KOSS) all closed down to continue a rough weekly trend, and even new names like Clean Energy Fuels Corp (CLNE) and Canoo (GOEV) could not benefit from what seemed like early-week momentum of meme-stock traders plunging into renewable and green-energy names.

But one name did manage to capitalize on that still-barely-breathing trend.

Camber Energy (CEI) closed up 6.2% after surging more than 30% in early trading. Camber, which saw a massive spike in social-media interest from retail traders on WallStreetBets, according to data from HypeEquity, also started the day as one of the most heavily shorted stocks on the market.

Per a research note from Fintel, "Raw short interest in Camber jumped from 6.1M shares as of August 31 to 24.4M shares on September 15, a colossal jump of 298%."

For Camber, the old alchemy of heavy short interest and high social-media interest combined to give the natural-gas outfit big meme energy on Wednesday.

That was not true for other heavily shorted names, however. Katapult Holdings Inc. (KPLT) fell 5%, e-commerce play Aterian (ATER) plummeted 12.4%, and Vinco Ventures (BBIG) fell 3.2%.

Even newly-listed hipster eyewear sweetheart Warby Parker failed to gain meme steam, giving up a midday surge to close up just 0.8%.

But not all was dark and dreary on Reddit boards Wednesday, thanks to more potential legal schadenfreude coming from Robinhood HQ.

In yet another class-action lawsuit filed on behalf of retail traders related to the zero-commission trading app's decision to halt trading on meme stocks on Jan. 28, at the height of the chaotic short squeeze, it was alleged that internal communications at Robinhood appear to indicate that the company's chief operating officer was unloading his shares in AMC just days before the app restricted trading on the stock.

According to the filing, Jim Swartwout told colleagues via an internal chat on Jan. 26 "I sold my AMC today."

He followed up by warning fellow Robinhooders that "FYI -- tomorrow morning we are moving GME to 100% -- so you are aware," apparently referring to the margin costs that Robinhood would be paying to hold the super-volatile stock on Jan. 27, one full day before the decision to restrict access was made.

On Jan. 28, the company did restrict trading on both stocks, and others, after realizing it could no longer risk the margin costs.

That move would have potentially protected Swartwout from taking losses on AMC shares that had surged almost 900% that month but would fall by 56% in the following days after Robinhood cut off access on its platform.

The lawsuit was circulating widely by Wednesday afternoon, prompting a surge of subreddits dedicated to speculation on Swartwout's personal stock trading and a flurry of tweets casting suspicion on the purported stock dealings, and using them as yet more potential evidence to prove that anti-retail chicanery was a very real phenomenon at the height of January's squeeze.

Neither Swartwout or Robinhood responded for comment on the lawsuit.

-Thornton McEnery


(END) Dow Jones Newswires

September 29, 2021 18:39 ET (22:39 GMT)

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